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NEWS: Singapore lawmakers green light ground-breaking ‘Cosmic’ fincrime data-sharing platform between six banks, regulator

COSMIC: A general view of the Singapore Central Business District skyline at Marina Bay. Describing the platform as “ground-breaking”, HSBC Singapore chief compliance officer Jamil Ahmed said the initiative “will place Singapore as a market leader in the global fight against financial crime”, while Citi Singapore country chief compliance officer Dylan Lee said the move will result in a safer banking environment for clients and bolster Singapore’s position as a financial centre.

SINGAPORE’s parliament has voted in favour of the city-state’s new AML sharing database, known as ‘Cosmic.’ The centralised digital platform is set to be a game-changer for the Asian financial centre, supporters say, describing it as “ground-breaking.” The changes to the law passed on Tuesday allow banks to share information when they detect suspicious transactions…

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